Cash Advance or Personal Loan?

[Anonymous]

I need 10K cash to cover some personal expenses within the next month.

My bank offers a Cash Advance promo of 0% until Jan. 2027 (Including a 4% for the transaction).

Is this a good deal? or should I look into a Personal loan?

I have very good credit and can make monthly payments of $500 per month. I just need the lump sum at once.

[Anonymous]

Seems to good to be true

[Anonymous]

Anonymous wrote:Seems to good to be true

The Catch would be APR goes to 21.21% after promo ends Jan. 2027

[Anonymous]

Can you do an asset backed loan like against your car or savings?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Seems to good to be true

The Catch would be APR goes to 21.21% after promo ends Jan. 2027

This. or 29.99% more likely.

Just be sure to have it paid off at least a month before the deadline OP.

[Anonymous]

Bank? You mean your credit card? Sure, take it out. I do it all the time.
Pay it off before January 2027 or take out another one. Super safe and convenient as long as you don't mess it up.
I have never had problems. Discover is super generous with cash advances.

[Anonymous]

Anonymous wrote:Bank? You mean your credit card? Sure, take it out. I do it all the time.
Pay it off before January 2027 or take out another one. Super safe and convenient as long as you don't mess it up.
I have never had problems. Discover is super generous with cash advances.

Bank Visa Credit Card. BofA. Never used it because it sounds too good to be true....

[Anonymous]

If it is a cash flow issue you could take out a margin loan or 401k loan. I would rather borrow from myself than the bank. If you dont have the assets to cover the loan, taking out a 10k loan for personal expenses that is going to take you 20 months to pay off is a really bad financial move.

[Anonymous]

Anonymous wrote:If it is a cash flow issue you could take out a margin loan or 401k loan. I would rather borrow from myself than the bank. If you dont have the assets to cover the loan, taking out a 10k loan for personal expenses that is going to take you 20 months to pay off is a really bad financial move.

Good idea but I'm not sure that would work for me.
I don't have a brokerage account and I'm not sure I'll be at my current job for the next 5 years to get a 401K loan. I also don't want my employer to know I need fast cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seems to good to be true

The Catch would be APR goes to 21.21% after promo ends Jan. 2027

This. or 29.99% more likely.

Just be sure to have it paid off at least a month before the deadline OP.

This is super important because some 0% interest promos include a provision that if you don't pay off the entire balance before the promo ends, you owe interest on the entire amount, not just the remaining balance.

[Anonymous]

Either personal loan or heloc.
Cash advance will not help your credit rating.

[Anonymous]

Anonymous wrote:If it is a cash flow issue you could take out a margin loan or 401k loan. I would rather borrow from myself than the bank. If you dont have the assets to cover the loan, taking out a 10k loan for personal expenses that is going to take you 20 months to pay off is a really bad financial move.

Disagree, it can help build good credit - providing she pays on time every month

[Anonymous]

Ummmm a cash advance?! Are you insane? Are you indebted to a bookie or something?

[Anonymous]

can you borrow 10k from your 401k at 5% and pay it back?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Seems to good to be true

The Catch would be APR goes to 21.21% after promo ends Jan. 2027

Can you pay it off before then?